A North Carolina multi-member LLC operating agreement is a legal document that codifies an agreement between multiple owners of a limited liability corporation. The agreement outlines such matters as:

• Where the company will reside;
• Who contributed what;
• Who owns which interests;
• How interests can be transferred;
• How profits and losses will be allocated;
• How accounting will be managed;
• The process for the company’s dissolution;
• and more.

Each owner should retain a copy of the agreement.